{"id":48969,"date":"2024-09-14T21:04:34","date_gmt":"2024-09-14T21:04:34","guid":{"rendered":"https:\/\/nigerdeltanews.ng\/cbn-will-be-limited-without-autonomy-northern-youths\/"},"modified":"2024-09-14T21:04:34","modified_gmt":"2024-09-14T21:04:34","slug":"cbn-will-be-limited-without-autonomy-northern-youths","status":"publish","type":"post","link":"https:\/\/nigerdeltanews.ng\/cbn-will-be-limited-without-autonomy-northern-youths\/","title":{"rendered":"CBN will be limited without autonomy \u2014 Northern Youths"},"content":{"rendered":"
\n

The Northern Ethnic Youth Group Assembly (NEYGA) has expressed concerns over the proposed amendments to the Central Bank of Nigeria (CBN) Act of 2007, which they described as a direct threat to the bank\u2019s independence.<\/p>\n

The amendments, which would require the CBN to submit its budget for National Assembly approval, have raised alarms within the group.<\/p>\n

In a statement issued by its spokesperson, Mallam Ibrahim Dan-Musa, NEYGA warned that the changes could destabilize the CBN and undermine its ability to effectively manage the nation\u2019s monetary policy.<\/p>\n

The group fears that political interference could hinder the CBN\u2019s efforts to stabilize the naira, which has shown signs of recovery in recent months.<\/p>\n

\u201cThe autonomy of the Central Bank is crucial to maintaining economic stability,\u201d said Dan-Musa.<\/p>\n

\u201cWithout it, the CBN will become ineffective in managing the country\u2019s monetary policies, and political interests will take precedence over economic well-being.\u201d<\/p>\n

A key point of contention is the proposal to create a Coordinating Committee for Monetary and Fiscal Policies, which the group believes would erode the CBN\u2019s authority and allow undue political influence.<\/p>\n

They also rejected the idea of appointing an external figure to lead the bank\u2019s monetary policy committee, arguing that this could further compromise the bank\u2019s independence.<\/p>\n

The Arewa group urged Nigerians to oppose the amendments, advocating for a governance model similar to those in Ghana and South Africa, where central bank autonomy is constitutionally protected.<\/p>\n

They stressed that preserving the CBN\u2019s independence is vital for shielding Nigeria\u2019s economy from the damaging effects of political interference, which, they caution, has already weakened the country\u2019s security agencies.<\/p>\n

The group called on the National Assembly to reconsider the proposed amendments to avoid jeopardizing the financial sector.<\/p>\n

CBN will be limited without autonomy \u2014 Northern Youths<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Northern Ethnic Youth Group Assembly (NEYGA) has expressed concerns over the proposed amendments to the Central Bank of Nigeria…<\/p>\n","protected":false},"author":1,"featured_media":48970,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4274,15],"tags":[],"class_list":["post-48969","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cbn","category-news"],"_links":{"self":[{"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/posts\/48969","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/comments?post=48969"}],"version-history":[{"count":0,"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/posts\/48969\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/media\/48970"}],"wp:attachment":[{"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/media?parent=48969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/categories?post=48969"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/tags?post=48969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}